The UW Madison financial aid office is getting geared up to prepare for the switch to direct lending. “Beginning with the 2010-11 academic year, the University of Wisconsin-Madison is joining thousands of other U.S. higher education institutions in the Federal Direct Student Loan Program.
As a result, UW-Madison students with federal Stafford, Grad PLUS and Parent PLUS loans will borrow their funds from the federal government instead of from multiple private banks and credit unions.
“Under the Direct Loan Program, there is one lender: the U.S. Department of Education. This makes the process much more efficient for schools and borrowers,” says Susan Fischer, director of the Office of Student Financial Aid.” - www.news.wisc.edu
Schools making the switch to direct lending is happening all over the country, and the change to a direct lending system will have very little impact on us as students or the way in which we receive our financial aid.
One of the BEST financial aid websites out there for college students is StudentLoansForCollege.org. You can visit this site to learn about all of your federal student loan, private student loan, and financial aid options. Here is more on how direct lending will effect you as a student.
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